Container Corporation of India (CONCOR) Q4 03/04 earnings summary

Executive summary

• FY2003-04 operating income rose 18.94% to ₹1,764.43 crore; PBT increased 15.77% to ₹498.72 crore and net profit available for appropriations grew 34.72% to ₹367.59 crore.

• Total container handling reached 1,602,119 TEUs, up 15.8% YoY, as EXIM growth offset a slight decline in domestic volumes.

Financial highlights

• Operating income was ₹1,764.43 crore versus ₹1,483.44 crore; total expenditure rose 18.64% to ₹1,308.68 crore.

• PBDT was ₹554.00 crore; PBT ₹498.72 crore; PAT ₹356.27 crore versus ₹270.55 crore; net profit after prior-period and tax adjustments was ₹367.59 crore.

• EPS increased to ₹56.56 from ₹41.98; directors recommended a 125% dividend, or ₹12.50 per share, totaling ₹81.24 crore.

• PAT growth was driven mainly by Section 80IA tax benefits; prior-year tax provisions of ₹17.44 crore were written back as an earlier-year tax adjustment.

Outlook and guidance

• Five new facilities opened in FY2003-04; expansion at 18 existing locations was completed, with further terminal and wagon investment planned.

• JV and strategic-alliance agreements with prospective partners were expected to be finalized during FY2004-05, including Dadri CFS, JNPT gateway terminal, Birganj rail terminal and cold-chain projects.

• Additional orders for 1,680 high-speed wagons were placed; management expected road-transport development and wagon procurement to improve domestic service in coming years.